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BNY Mellon Asset Servicing wins WestLB Mellon fund services contract

21 May 2008  |  1841 views  |  0 Source: BNY Mellon Asset Servicing

BNY Mellon Asset Servicing, the global leader in securities servicing, has been appointed by WestLB Mellon Asset Management ("WMAM") to provide a range of Luxembourg fund services to its Longitude SICAV.

Incorporated in June 2001, the WestLB Mellon Longitude Fund is a Luxembourg-registered SICAV-umbrella with assets of approximately euro 620 million. WestLB Mellon Longitude Fund is a Specialised Investment Funds umbrella pursuant to the Law of 13 February 2007(1).

The sub-funds include institutional mandates from pension funds, banks and insurance companies as well as the successful Global Long-Short Equity Fund, a fund of hedge funds managed by WMAM´s Multi-Manager team in London.

Following a thorough selection process involving four providers, WMAM awarded BNY Mellon its Luxembourg fund services mandate. BNY Mellon will service the SICAV from its Luxembourg operations and will provide fund accounting, trustee, custody, transfer agency, paying agency, domiciliation, listing and share class hedging services.

Jaime Gil-Delgado, chairman of the WestLB Mellon Longitude Fund, said BNY Mellon's appointment was based on the strength of both the company's global network and local capabilities in Luxembourg. "We considered a wide range of criteria before coming to our decision and BNY Mellon Asset Servicing was clearly the best partner to service the large range of financial instruments we are using in our fund management. They demonstrated an intuitive understanding of our ambitious business model and a proactive approach to providing the integrated solutions we need," added Gil-Delgado.

"I am delighted that we have been selected to partner another successful investment manager in Luxembourg and provide valuable support and expertise as it looks to further grow its business in this key offshore centre," said Nadine Chakar, executive vice president and head of EMEA, BNY Mellon Asset Servicing. "Our appointment illustrates how our global network and local market expertise comes together to provide our clients with world class solutions to help them exceed their business goals."

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